Linius Technologies gleans strong support for $1.7 million placement to drive revenue growth
Linius Technologies Ltd (ASX:LNU) has received firm commitments from professional and sophisticated investors to raise $1.7 million before costs.
The placement includes an investment from Linius directors of around $250,000, subject to shareholder approval which will be sought at a general meeting of shareholders shortly.
Strong support was received from new investors as well as existing shareholders and Linius will use the proceeds to drive revenue growth.
More than 154.54 million shares[hhmc]
The placement will result in the issue of more than 154.54 million shares at 1.1 cents per share.
It will be conducted within the companys placement capacity for 131.81 million shares and under LR 10.11 for 22.72 million shares in respect of shares subscribed for by directors.
The issue price represents a discount of 20% to the 30-day VWAP and the placement is scheduled to settle on May 4, 2020.
Blue Ocean Equities Pty Limited (AFSL 412765) acted as lead manager for the placement.
Focused on converting clients[hhmc]
Linius is focused on converting existing clients and near-term opportunities to immediate and sustainable revenues.
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